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Patents in the Modern World

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Submitted By Tiranno22
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Patents in the Modern World
Stefano Andreis

Intellectual Property has always been a widely discussed topic but not as much as it is nowadays in the so-called globalized technological era that we live in.
According to the World Intellectual Property organization, known as WIPO, Intellectual property refers to creations of the mind and is divided into two categories: Industrial Property, which includes patents for inventions, trademarks, industrial designs and geographical indications and Copyright that covers literary works, films, music, artistic works and architectural design.
Intellectual property rights serve the same purpose as any other property rights. They allow creators, or owners, of patents, trademarks or copyrighted works to benefit exclusively, for a certain period, from their own work or investment in a creation. However, in reality maintaining the rights for such an asset as the “creation of mind” always raises multitude of complication and disputes. Therefore, the reasons behind the intellectual rights are the following: * To maintain peace and order; * To assign decision rights; * To reward investments; * To favor the diffusion of information.
However, as any other type of legislation, these rights have their own pros and cons.
Property rights have a major impact on economic growth. An efficient intellectual property system is essential because the legal protection of new creations encourages the commitment of both human and economic resources to the creation of new jobs and even new industries, meaning that an incentive to invent, evolve and innovate will only exist in the environment where one`s rights are fully protected and ensured. A definite example can be given to tackle such an abstract term as an economic growth. A new invention in a production company could lead to a larger output with fewer resources involved.

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